STIE MALANGKUÇEÇWARA MALANG

PROGRAM PASCA SARJANA

UJIAN TENGAH SEMESTER

MATA KULIAH : FINANCIAL MANAGEMENT

NAMA : DWI MERRY WIJAYANTI
NIM. : A. 2009 – 2.00222

FROM CHAPTER 1

10. The president or chief executive officer is elected by the firm’s stockholders and has ultimate
authority to guide corporate affairs and make general policy. Direktur Utama atau Eksekutif dipilih
oleh pemegang saham perusahaan dan memiliki otoritas terakhir untuk membimbing urusan
perusahaan dan politik umum.
True, The president or chief executive officer (CEO) is responsible for managing day to day
operations and carrying out the policies established by the board of directors. The CEO is required
to report periodically to the firm’s directors .(Presiden atau chief executive officer (CEO)
bertanggung jawab untuk mengelola operasi sehari-hari dan melaksanakan kebijakan yang
ditetapkan oleh dewan direksi. CEO harus melaporkan secara berkala kepada direktur
perusahaan).

19. Marginal analysis states that financial decisions should be made and actions taken only when
added benefits exceeds added costs.
analisis marjinal berpendapat bahwa keputusan keuangan harus dibuat dan tindakan yang diambil
hanya bila manfaat melebihi biaya tambahan.
True, Marginal cost benefit analysis. Economic principle that states that financial decisions should
be made and actions taken only when the added benefits exceed the added costs. ( analisis
manfaat biaya marjinal. Prinsip ekonomi yang menyatakan bahwa keputusan-keputusan
keuangan akan dibuat dan tindakan yang diambil hanya bila manfaat melebihi biaya tambahan).

25. The accountant evaluated financial statements, develops additional data, and makes decisions
based on his or her assessment of the associated returns and risks. akuntan Ulasan laporan
keuangan, membangun data tambahan dan membuat keputusan berdasarkan penilaian risiko dan
hasil yang berkaitan
True, Financial managers evaluate the accounting statements, develop additional data, and make
decisions on the basis of their assessment of the associated returns and risks. (Manajer keuangan
menilai laporan akuntansi, mengembangkan data tambahan dan membuat keputusan
berdasarkan penilaian atas risiko dan manfaat).

34. A firm has just ended its calendar year making a sale in the amount of $150,000 of merchandise
purchased during the year at a total cost of $112,500. Although the firm paid in full for the
merchandise during the year, it has yet to collect at year end from the customer. The net profit
and cash flow from this sale for the year are Sebuah perusahaan baru saja menyelesaikan tahun
kalender untuk penjualan $ 150.000 barang dagangan yang dibeli selama tahun dengan total
biaya $ 112,500. Walaupun perusahaan membayar penuh untuk barang selama tahun, belum
mengumpulkan pelanggan akhir tahun. Laba bersih dan arus kas dari penjualan tahun adalah
(c) $37,500 and $112,500, respectively

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40. A firm has just ended its calendar year making a sale in the amount of $200,000 of merchandise
purchased during the year at a total cost of $150,500. Although the firm paid in full for the
merchandise during the year, it has yet to collect at year end from the customer. The possible
problem this firm may face is Sebuah perusahaan baru saja berakhir tahun kalender melakukan
penjualan sebesar $ 200.000 dari barang yang dibeli selama tahun dengan total biaya $ 150.500.
Meskipun perusahaan membayar barang penuh selama tahun ini, belum dikumpulkan pada akhir
tahun dari pelanggan. Masalah yang mungkin perusahaan dapat menghadapi
(b) lack of cash flow

55. Financial markets are intermediaries that channel the savings of individuals, businesses and
government into loans or investments. Pasar uang adalah perantara yang menyalurkan tabungan
individu, bisnis dan pemerintah menjadi pinjaman atau investasi
False, Financial markets are forums in which suppliers of funds and demanders of funds can
transact business directly. Whereas the loans and investments of institutions are made without
the direct knowledge of the suppliers of funds (savers), suppliers in the financial markets know
where their funds are being lent or invested. (Pasar uang adalah forum dimana para donor dan
permintaan dana bisa bertransaksi bisnis secara langsung. Sedangkan pinjaman dan investasi dari
lembaga yang dibuat tanpa pengetahuan langsung dari para kreditur (penabung), penyedia di
pasar keuangan tahu di mana dana mereka dipinjamkan atau diinvestasikan).

66. Profit maximization does NOT take into consideration. maksimalisasi keuntungan tidak
mempertimbangkan
(d) EPS and stock price

79. Corporate ethics policies typically apply to ____________ in dealing with _________
kebijakan etika perusahaan biasanya berlaku untuk dalam berurusan dengan
(d) employee actions; all corporate constituents

80. A financial manager must choose between four alternative investments, 1, 2, 3, and 4. Each asset
costs $35,000 and is expected to provide earnings over a three year period as described below.
Seorang manajer keuangan harus memilih di antara empat alternatif investasi, 1, 2, 3 dan 4.
Setiap aset biaya $ 35.000 dan diharapkan dapat memberikan pendapatan selama tiga tahun,
seperti diuraikan di bawah
Asset Year 1 Year 2 Year 3
1 $21000 $15000 $6000
2 $9000 $15000 $21000
3 $3000 $20000 $19000
4 $6000 $12000 $12000

(b) Asset 2, jumlahnya lebih besar daripada asset yang lain yaitu sebesar $45.000

97. The __________ is created by a financial relationship between suppliers and demanders of short
term funds. __________ Ini dibuat oleh hubungan keuangan antara penyedia dan pencari dana jangka
pendek.
(d) money market
3. Consider two firms, Go Debt corporation and No Debt corporation. Both firms are expected to
have earnings before interest and taxes of $100,000 during the coming year. In addition, Go Debt
is expected to incur $40,000 in interest expenses as a result of its borrowings whereas No Debt wii
incur no interest expense because it does not use debt financing. However, no debt will have to
pay stockholders $40,000 in dividend income. Both firms are in the 40 percent tax bracket.
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 Calculate the Earnings after tax for both firms. Which firm has the higher after tax earnings?
Which firm appears to have the higher cash flow ? How do you account for the difference ?
Pertimbangkan dua perusahaan, hutang Go Corporation dan utang Corporation. Kedua
perusahaan diharapkan memiliki laba sebelum bunga dan pajak sebesar $ 100.000 selama tahun
depan. Selain itu, diharapkan bahwa utang $ 40.000 terjadinya Go beban bunga sebagai hasil dari
pinjaman mereka, sedangkan wii utang tidak menimbulkan beban bunga karena anda tidak
menggunakan pembiayaan utang. Namun, utang tidak akan harus membayar pemegang saham $
40.000 dalam pendapatan. Kedua perusahaan berada dalam dukungan dari 40 persen pajak.
Hitung penghasilan setelah pajak untuk kedua perusahaan. Apakah perusahaan memiliki laba
setelah pajak tertinggi? Perusahaan mana tampaknya memiliki arus kas yang lebih? Bagaimana
perbedaan
Go Debt Co. No. Debt Co
Earnings before interest and taxes $100,000 $100,000
Less : Interest expense $40,000 $0
Earnings before taxes $60,000 $100,000
Less : Taxes (40%) $24,000 $40,000
Earnings after taxes $36,000 $60,000
$40,000
$20,000

Difference in earnings after taxes $16,000

FROM CHAPTER 2
9. The par value of common stock is an arbitrary assigned per share value used primary primarily for
accounting purposes. Nilai nominal saham biasa adalah sewenang-wenang diberi nilai saham
utama yang digunakan terutama untuk tujuan akuntansi
False, The common stock entry is the par value of common stock. (Masuknya saham biasa adalah
nilai nominal saham)

15. The balance sheet is a statement which balances the firm’s assets (what it owns) against its debt
(what it owes). Keseimbangan adalah pernyataan bahwa pengungkapan atas aset perusahaan
(yang memiliki) terhadap utang (apa yang Anda berutang)
False, The balance sheet presents a summary statement of the firm’s financial position at a given
point in time. The statement balances the firm’s assets (what it owns) against its financing, which
can be either debt (what it owes) or equity (what was provided by owners). (Neraca memberikan
pernyataan ringkasan posisi keuangan perusahaan pada suatu titik waktu tertentu. Pernyataan
Saldo aset perusahaan (apa yang) pada pembiayaan, yang mungkin termasuk utang (apa yang
berhutang) atau ekuitas (apa yang disediakan oleh pemilik)

26. Cross sectional ratio analysis involves comparing the firm’s rations to those of firms in other
industries at the same point in time. Analisis rasio Cross Sectional adalah untuk membandingkan
rasio perusahaan untuk perusahaan-perusahaan di industri lain pada titik yang sama dalam waktu
False, Cross sectional ratio analysis involves the comparison of different firm’s financial ratios at
the same point in time. (Analisis rasio Cross Sectional melibatkan membandingkan rasio keuangan
perusahaan yang berbeda pada titik yang sama dalam waktu ).

38. The comparison of a particular ratio to the standard (industry average) is made in order to isolate
any deviations from the norm. In the case of rations for which higher values are preferred, as long
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 as the firm that is being analyzed has a value in excess of the industry average it can be viewed
favorably. Perbandingan rasio tertentu dengan standar (rata-rata industri) dibuat untuk
mengisolasi setiap penyimpangan dari norma. Dalam hal penjatahan nilai yang lebih tinggi lebih
disukai, asalkan bahwa perusahaan yang dianalisis memiliki nilai lebih dari rata-rata industri dapat
dilihat dengan baik.True

25. A firm had the following accounts and financial data for 2005
Sales Revenue 3060 Cost of goods sold 1800
Accounts Receivable 500 Preferred stock dividends 18
Interest expense 126 Tax rate 40%
Total oper. Expenses 600 Number of shares of common
1000stocks outstanding
Accounts payable 240
The firm’s earnings available to common shareholders for 2005 were _______
(c) $302
Sales Revenue $3,060
Cost of Goods Sold $1,800
Total Operating $1,260
Expenses $600
Operating profits $660
Interest expenses $126
Net profits before taxes $534
Taxes rate 40% $214
Net profits after taxes $320
Preferred stock dividends $18
Earnings available for common stocks outstanding
$302

31. Candy Corporation had pretax profits of $1.2 million, an average tax rate of 34 percent, and it paid
preferred stock dividends of $50,000. There were 100,000 shares outstanding and no interest
expense. What were Candy Corporation’s earnings per share ? Candy Corporation memiliki laba
sebelum pajak sebesar $ 1,2 juta tarif pajak rata-rata 34 persen, dan membayar dividen saham
preferen sebesar $ 50.000. Ada 100.000 saham yang beredar dan tidak ada beban bunga. Apa
Candy Corporation laba per saham?
(c) $7.42
Net profits before taxes $1,200,000
Taxes rate 34% $408,000
Net profits after taxes $792,000
Preferred stock dividends $50,000
Earnings available for common stocks outstanding $742,000
Earnings per share EPS $742,000
$100,000
7.42

65. _____________ are especially interested in the average payment period, since it provides them
with a sense of the bill paying patterns of the firm. terutama tertarik pada periode pembayaran
rata-rata, karena memberikan mereka rasa pola pembayaran tagihan perusahaan
(c) Lenders and suppliers

Tabel 2.1
Balance Sheet
Cole Eagan Enterprises
December 31, 2005
Cash $4,500 Accounts Payable $10,000
Accounts Receivable $19.861 Notes Payable $10,609

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 Inventory $27500 Accruals $1,000
Total Current Assets $51,861 Total Current Liabilities $21,609
Net Fixed Assets $45,484 Long Term Debt $30,763
Total Assets $97,345 Stockholders’ Equity $44,973
Total Liabilities & S.E. $97,345

Information (2005 values)

1. Sales totaled $110,000

2. The gross profit margin was 25%
3. Inventory turnover was 3.0
4. There are 360 days in the year
5. The average coll. Period was 65 days
6. The current ratio was 2.40
7. The total asset turnover was 1.13
8. The debt ratio was 53.8%
GPM = Sales - Cost of Goods Sold

Sales
25% = $110.000 - CGS
$110.000
$27.500 = $110.000 - CGS
CGS = $110.000 - $27.500
= $ 82.500

Sales $110.000
Cost of Goods Sold $ 82.500
Gross Profit $ 27.500 atau
= GPM x Net Sales
= 25% x $ 110.000
= $27.500

Inventory Turnover = Cost of Goods Sold

Inventory
3.0 = $82.500
Inventory
Inventory = $27.500

ACP = Account Receivable

Net Sales/360
65 = Account Receivable
$110.000/360
Account Receivable = $19.861

Current Ratio = Total Current Assets

Total Current Liabilities
2.40 = $51.861
Total Current Liabilities
Total Current Liabilities = $21.609

Total Asset Turnover = Net Sales

Total Assets
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 1.13 = $110.000
Total Assets
Total Assets = $97.345

Debt Ratio = Total Liabilities

Total Assets
53.8% = Total Liabilities
$ 97.345

79. Inventory for CEE in 2005 was ___________. (See Table 2.1)
(c) $27,500

80. Notes payable for CEE in 2005 was __________. (See Table 2.1)
(d) $10,608

81. Account receivable for CEE in 2005 was ___________. (See Table 2.1)
(b) $19,861

82. Net fixed assets for CEE in 2005 were __________. (See Table 2.1)
$45,484

83. Total assets for CEE in 2005 were ________ . (See Table 2.1)
(d) $97,345

84. Long-term debt for CEE in 2005 was _________. (See Table 2.1)
(a) $30,737

FROM CHAPTER 3

47. It would be correct to define Operating Cash Flow (OCF) as net operating profit after taxes minus
depreciation. Akan benar untuk mendefinisikan Operasi Arus Kas (OCF) sebagai laba usaha bersih
setelah pajak dikurangi penyusutan.
False, OCF = NOPAT + Depresiation, we merely add back depreciation.

50. The firm’s free cash flow (FCF) represents the amount of cash flow available to investors
(stockholders and bondholders) after the firm has met all operating needs and after having paid
for net fixed asset investments and net current asset investments. arus kas bebas (FCF) adalah
jumlah arus kas yang tersedia bagi investor (pemegang saham dan obligasi) setelah perusahaan
telah memenuhi semua persyaratan operasi dan setelah dibayar untuk investasi bersih aktiva
tetap dan aktiva lancar bersih investasi.
True

3. A firm’s operating cash flow is defined as arus kas operasi perusahaan didefinisikan sebagai
(d) EBIT+depreciation

11. The depreciable life of an asset is of concern to the financial manager. In general, Disusutkan
kehidupan aset menjadi perhatian manajer keuangan. Secara umum,
(b) a shorter depreciable life is preferred, because it will result in a faster receipt of cash flows.

29. Johnson, Inc. has just ended the calendar year making a sale in the amount of $10,000 of
merchandise purchased during the year at a total cost of $7,000. Although the firm paid in full for
the merchandise during the year, it has yet to collect at year end from the customer. The net

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 profit and cash flow for the year are Johnson, Inc. baru saja selesai membuat penjualan dalam
jumlah $ 10 000 barang yang dibeli selama tahun berjalan untuk total biaya sebesar $ 7 000 tahun
kalender. Walaupun perusahaan membayar penuh untuk barang selama tahun, itu tidak
dikumpulkan pada akhir tahun oleh klien. Laba bersih dan arus kas untuk tahun berjalan adalah
(b) $3,000 and $7,000, respectively

44. For the year ended December 31,2003, a corporation had cash flow from operating activities of -
$10,000, cash flow from investment activities of $4,000, and cash flow from financing activities of
$9,000. The Statement of Cash Flows would show a securities Untuk tahun yang berakhir pada
tanggal 31,2003, perusahaan memiliki arus kas dari aktivitas operasi sebesar - $ 10.000, arus kas
dari aktivitas investasi sebesar $ 4.000, dan arus kas dari aktivitas pendanaan sebesar $ 9,000.
Laporan Arus Kas akan menunjukkan
(c) net increase of $3,000 in cash and marketable securities

47. A firm has just ended the calendar year making a sale in the amount of $200,000 of merchandise
purchased during the year at a total cost of $150,500. Although the firm paid in full for the
merchandise during the year, it has yet to clooect at year end from the customer. One possible
problem this firm may face is Sebuah perusahaan baru saja selesai membuat nilai penjualan
sebesar $ 200 000 barang yang dibeli selama tahun berjalan untuk total biaya $ 150,500 untuk
tahun kalender. Walaupun perusahaan membayar penuh untuk barang selama tahun itu, belum
clooect pada akhir tahun oleh klien. Satu masalah yang mungkin dihadapi perusahaan ini.
(c) inability to receive credit

54. __________ generally reflect (s) the anticipated financial impact of planned long term actions.
biasanya mencerminkan (s) dampak keuangan yang diharapkan dari tindakan yang digambarkan
dalam jangka panjang.
(b) Strategic financial plans

70. The most common components of cash receipts are komponen yang paling umum dari
penerimaan kas
(b) cash sales, receivable collections, and miscellaneous receipts

84. The percent of sales method of preparing the pro forma income statement assumes all costs are
Metode persentase penjualan menyusun laporan laba rugi proforma mengasumsikan bahwa
semua biaya adalah
(d) variable
It is important to note that this method implicitly assumes that all costs are variable and that all
increase or decrease in proportion to sales

FROM CHAPTER 4
22. The annual percentage yield (APY) is the effective rate of interest that must be disclosed to
customers by banks on their savings products as a result of “truth in savings laws.” Persentase
hasil tahunan (sekarang) adalah tingkat bunga efektif harus diungkapkan kepada nasabah oleh
bank pada produk mereka tabungan sebagai akibat dari "kebenaran dalam hukum tabunganTruee

3. The future value interest factor is faktor bunga nilai masa depan
(a) always greater than 1.0
The future value interest factor for an initial principal of $1 compounded at I percent for n periods
is referred to as FVIFi,n

7. The future value of $200 received today and deposited at 8 percent for three years is Nilai Masa
Depan sebesar $ 200 hari ini diterima dan disimpan pada 8 persen selama tiga tahun adalah

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 (b) $252

12. The future value of a dollar ________ as the interest rate increased and ___________ the farther
in the future an initial deposit is to be received. Nilai Masa Depan dari dolar ________, kenaikan
suku bunga lebih lanjut dan lebih lanjut dan ___________ setoran awal harus sudah diterima oleh
masa depan
(d) increases; decreases

14. If the present value interest factors for I percent and n periods is 0.270, the future value interest
factor for the same i percent and n periods is 0.270, the future value interest factor for the same i
and n is Jika bunga faktor nilai sekarang untuk periode n adalah 0,270 persen, faktor kepentingan
nilai masa depan untuk periode yang sama saya persentase dan n adalah 0270, faktor bunga nilai
masa depan untuk i sama dan n adalah
(d) cannot be determined

20. The present value of a $20,000 perpetuity at a 7 percent discount rate is nilai kini lamanya pada
tingkat persen diskonto (b) $285,714
PV = $20,000
0.07
= $285.714

22. Bill plans to fund his individual retirement account (IRA) with the maximum contribution of $2,000
at the end of each year for the next 20 years. If Bill can earn 12 percent on his contributions, how
much will he have at the end of the twentieth year ? Bill berencana untuk dana rekening pensiun
perorangan (IRA) dengan kontribusi maksimum sebesar $ 2,000 pada akhir setiap tahun untuk 20
tahun ke depan. Jika RUU itu bisa mengumpulkan 12 persen pada kontribusi mereka, bagaimana
akhir tahun XX
(d) $144,104
Amount of Annuity i Deposit period (years) Present Value of Annuity
$2,000 12% 20 $144,104.88
42. Find the future value at the end of year 3 of the following stream of cash flows received at the end
of each year, assuming the firm can earn 8 percent on its investments. Menemukan nilai masa
depan pada akhir tahun tiga dari urutan berikut arus kas yang diterima pada akhir setiap tahun,
dengan asumsi perusahaan dapat memperoleh 8 persen pada investasi mereka
(c) $47,940
Year Amount Number of years earning interest FVIF
1 10000 2 $11,664.00
2 16000 1 $17,280.00
3 19000 0 $19,000.00
$47,944.00

47. Find the present value of the following stream of cash flows, assuming that the firm’s opportunity
cost is 9 percent. Cari nilai kini mengikuti aliran arus kas, dengan asumsi bahwa biaya kesempatan
perusahaan adalah 9 persen
(d) $79,348

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 Year Amount PVIF
1-5 $10,000 $38,896.51
6 $16,000 $9,540.28
7 $16,000 $8,752.55
8 $16,000 $8,029.86
9 $16,000 $7,366.84
10 $16,000 $6,758.57
$79,344.62

65. Charlene owns stock in a company which has consistently paid a growing dividend over the last
five years. The first year Charlene owned the stock, she received $1.71 per share and in the fifth
year, she received $2.89 per share. What is the growth rate of the dividends over the last five
years ? Charlene memiliki saham dalam perusahaan yang selalu membayar dividen tumbuh
selama lima tahun terakhir. Tahun pertama, Charlene memiliki saham ini, ia akan menerima $
1,71 per saham dan tahun kelima, dia menerima $ 2,89 per saham. Bagaimana tingkat
pertumbuhan divi (b)14 percent
= $2.89 - $1.71
$1.71
= 0.69
5
= 13.8 %

75. Susan is planning to accumulate $40,000 by the end of 5 years by making 5 equal annual deposits.
If she plans to make her first deposit today and can earn an annual compound rate of 9 percent
on her investment, how much must each deposit be in order to accumulate the $40,000. Susan
berencana untuk mengumpulkan $ 40.000 untuk jangka waktu 5 tahun dengan 5 deposito
tahunan yang sama. Jika Anda berencana untuk melakukan deposit pertama Anda hari ini dan
Anda bisa mendapatkan tingkat tahunan senyawa dari 9 persen atas investasi mereka, berapa
banyak masing-masing harus deposit menumpuk $ 40.000 (b) $6,683
Amount of Annuity Deposit period (years) i PMT
$40,000 5 9% $6,683.70

90. How long would it take for you to save an adequate amount for retirement if you deposit $40,000
per year into an account beginning one year from today that pays 12 percent per year if you wish
to have a total of $1,000,000 at retirement ? Berapa lama waktu yang diperlukan untuk
menyimpan jumlah yang cukup untuk pensiun, jika anda deposit $ 40.000 setahun ke account dari
satu tahun dari sekarang membayar 12 persen per tahun jika Anda memiliki total 1 juta dolar
pensiun (a) 15.0 years (b)15.5 years (c) 14.5 years (d) 16.5 years
Initial amount Annual Cash Flows Rate of Raturn Numbers of periode
$1,000,000 $40,000 12% 12.2

FROM CHAPTER 5

37. Diversifiable risk is the relevant portion of risk attributable to market factors that affect all firms.
diversifiable risiko adalah bagian yang relevan dari risiko yang timbul dari faktor-faktor pasar yang
mempengaruhi semua perusahaan
True

43. The required return on an asset is an increasing function of its nondiversifiable risk. Kembalinya
diperlukan suatu aset merupakan fungsi peningkatan risiko dari nondiversifiable.

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 False, The measurement of nondiversifiable risk is thus of primary importance in selecting assets
with the most desired risk return characteristics. (Ukuran risiko nondiversifiable adalah sangat
penting dalam memilih aset dengan karakteristik keuntungan dan risiko yang paling diinginkan).

44. The beta coefficient is an index of the degree of movement of an asset’s return in response to a
change in the market return. Beta koefisien indeks tingkat gerakan pengembalian aset sebagai
respon terhadap perubahan return pasar
True

45. The difference between the return to the market portfolio of assets and the risk free rate of
return represents the premium the investor must receive for taking the average amount of risk
associated with holding the market portfolio of assets. Perbedaan antara hasil di pasar portofolio
aset dan risk free rate of return merupakan premium dimana investor harus mengambil untuk
menerima jumlah rata-rata risiko yang berkaitan dengan memegang pasar portofolio asset True

2. Ralph’s Ratchets Corporation purchased ratchets rotator one year ago for $6,500. During the year
it generated $4,000 in cash flow. If Ralph sells it, he could receive $6,100 for it. What is ratchets
rotator’s rate of return ? Ralph Ratchet Corporation membeli rotator manset ratchet setahun
yang lalu sebesar $ 6.500. Selama tahun yang dihasilkan $ 4.000 arus kas. Jika Anda menjual
Ralph, ia bisa menerima $ 6.100 untuk itu. Apa ratchets tingkat pengembalian manset rotator
Kt = Ct + Pt – Pt-1
Pt-1
= $4.000 + $6.100 - $6.500
$6.500
= 55,38%

4. Given the following information about the two assets A and B, determine which asset is preferred.
Mengingat informasi berikut pada dua aset A dan B, menentukan apa properti terbaik
A Amount Probability Weighted Value
Initial Investment 5000 1
Annual rate of return
Pessimistic 9% 0.25 0.0225
Most likely 11% 0.5 0.055
Optimistic 13% 0.25 0.0325
Range 4% Expected Return 11.00%

B Amount Probability Weighted Value

Initial Investment 5000 1
Annual rate of return
Pessimistic 7% 0.2 0.014
Most likely 11% 0.55 0.0605
Optimistic 15% 0.25 0.0375
Range 8% Expected Return 11.20%

Which project is less risky? A, because range lebih kecil

Coef. Var Expansion A = 36.4%
Coef. Var Expansion B = 72.7%

6. Champion Breweries must choose between two asset purchases. The annual rate of return and
related probabilities given below summarize the firm’s analysis. Juara Breweries harus memilih
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 antara dua pembelian aset. Tahunan kembali dan probabilitas terkait di bawah ini merangkum
analisis perusahaan

Asset A Asset B
Rate of Return Probability Rate of Return Probability
10% 30% 5% 40%
15% 40% 15% 20%
20% 30% 25% 40%
For each asset, compute
(a) the expected rate of return
(b) the standard deviation of the expected return
(c) the coefficient of variation of the return
(d) Which asset should Champion select ? Asset A, because range lebih kecil
Asset A
Rate of return Probability Weighted Value kj - k avg (kj - k avg) ^ 2 ((kj - k avg) ^ 2) * Pr
10% 0.03 0.003 8.50% 0.007225 0.00021675
15% 0.04 0.006 13.50% 0.018225 0.000729
20% 0.03 0.006 18.50% 0.034225 0.00102675
Expected Return 1.50% 0.0019725
Range 10%
Std dev 4.44%
Coef. Var 296.09%

Asset B
Rate of return Probability Weighted Value kj - k avg (kj - k avg) ^ 2 ((kj - k avg) ^ 2) * Pr
5% 0.05 0.0025 0.8% 0.00005625 2.8125E-06
15% 0.1 0.015 10.8% 0.01155625 0.001155625
25% 0.1 0.025 20.8% 0.04305625 0.004305625
Expected Return 4.25% 0.005464063
Range 20%
Std dev 7.39%
Coef. Var 173.93%
11. Assuming a risk free rate of 8 percent and a market return of 12 percent, would a wise investor
acquire a security with a Beta of 1.5 and a rate of return of 14 percent given the facts above ?
Asumsi risk free rate sebesar 8 persen dan 12 persen return pasar, seorang investor yang
bijaksana akan memperoleh keamanan dengan beta 1,5 dan 14 persen tingkat pengembalian yang
diberikan fakta-fakta di atas?
Kj = Rf + (bj x (km – Rf))
= 8% + (1.5 x (12% - 8%))
= 8% + (1.5 x 4%)
= 8% + 6%
= 14%
12. Mr. Thomas is considering investment in a project with beta coefficient of 1.75. What would you
recommend him to do if this investment has an 11.5 percent rate of return, risk free rate is 5.5
percent, and the rate of return on the market portfolio of assets is 8.5 percent ? Pak Thomas
sedang mempertimbangkan investasi dalam sebuah proyek dengan beta koefisien 1,75. Apa yang
akan anda rekomendasikan dia untuk lakukan jika investasi ini memiliki tingkat pengembalian 11,5
persen, risk free rate adalah 5,5 persen, dan tingkat pengembalian di pasar portofolio aset adalah
8,5 persen?
Kj = Rf + (bj x (km – Rf))

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 = 5.5% + (1.75% x (8.5% - 5.5%))
= 5.5% + (1.75% x 3%)
= 5.5% + 5.25%
= 10.75%

FROM CHAPTER 6

89. In general, IBM bonds will experience less trading activity (in terms of the number of bonds traded
on a given day) compared to IBM stock. Secara umum, obligasi IBM akan memiliki aktivitas
perdagangan kurang (dalam hal jumlah obligasi yang diperdagangkan pada hari tertentu),
dibandingkan dengan saham IBM
False, Security price quotations are readily available for actively traded bonds and stocks. (harga
quotations Security telah tersedia untuk obligasi yang aktif diperdagangkan dan saham).

90. Any bond rated according to Moody’s Caa through Aaa would be considered investment grade
debt. Setiap obligasi yang diperingkat oleh Moody's Caa Aaa oleh akan dianggap utang investment
grade
False, The agencies derive their ratings by using financial ratio and cash flow analyses to assess the
likely payment of bond interest and principal. The ratings affect salability and cost. (Agen
mendapatkan klasifikasi dengan menggunakan analisis rasio keuangan dan arus kas untuk
menilai kemungkinan pembayaran bunga obligasi dan modal. Peringkat mempengaruhi biaya dan
salability, Biasanya, ada hubungan terbalik antara kualitas obligasi dan tingkat pengembalian yang
harus menyediakan pemegang).

2. The __________ rate of interest is the actual rate charged by the supplier and paid by the
demander of funds. Tingkat bunga adalah tingkat aktual dibebankan oleh penyedia dan dibayar
oleh pemohon untuk dana (b) real

3. The ____________ is the annual rate of interest earned on a security purchased on a given date
and held to maturity ____________ Ini adalah tingkat bunga tahunan yang diperoleh pada
keamanan yang dibeli pada tanggal yang diberikan dan dimiliki hingga jatuh tempo
(d) yield to maturity

4. The ____________ is/are a graphic depiction of the term structure of interest rates ____________
Adalah representasi grafis dari struktur suku bunga jangka
(a) yield curve

15. The yield curve in an economic period of high inflation would most likely be Kurva hasil dalam
suatu periode inflasi ekonomi yang kuat akan kemungkinan besar (a) upward sloping

14. The theory suggesting that for any given issuer, long term interest rates tends to be higher than
short term rates is called Teori ini menunjukkan bahwa setiap penerbit tertentu, tingkat suku
bunga dalam jangka panjang cenderung lebih tinggi dari suku bunga jangka pendek disebut
(b) liquidity preference theory

64. The riskiness of publicly traded bond issues is rated by independent agencies. According to
Moody’s rating system, an Aaa bond and a Caa bond are ________ and ________, respectively.
Keberisikoan penerbitan obligasi publik dinilai oleh lembaga independen. Menurut sistem rating
Moody's, obligasi dan obligasi Caa Aaa adalah ________ dan ________, masing-masing
(c) prime quality; speculative
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 77. The return expected from an asset is fully defined by its Hasil yang diharapkan dari aktiva
sepenuhnya ditentukan oleh perusahaan
(b) cash flow and timing

Table 6.1
Use the following information to answer questions #108 through #110.
Company Coupon Maturity Last Last EST EST VOL.
Price Yield Spread UST (000s)
Ford (F) 11.0 July 65.50 ? 104 10 5,100
31,2009
108. On this trading day, the number of McLeod bonds which changed hands was (Table 6.1) Bahwa
perdagangan hari itu jumlah obligasi yang McLeod telah berpindah tangan
(b) 51,000

109. Assume this bond’s face value is $1,000. What is the bond’s current market price (Table 6.1) ?
Asumsikan bahwa nilai nominal obligasi ini adalah $ 1.000. Apakah harga pasar obligasi
(b) $655.00

110. What is the last yield for this bond (Table 6.1) ? apa hasil terakhir untuk obligasi ini
(a) 11.0%

112. Nico bought an investment one year ago and just calculated his return on investment. He found
that his purchasing power had increased by 15 percent as a result of his investment. If inflation
during the year was 4 percent, then Nico’s Nico membeli investasi tahun lalu dan hanya
menghitung laba atas investasi. Ia menemukan bahwa daya beli mereka meningkat sebesar 15%
sebagai hasil dari investasi Anda. Jika inflasi selama tahun berjalan adalah 4 persen dan kemudian
Nico
(c) nominal return on investment is less than 11 percent
= 15% - 4% = 11%

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